The Instrument for Pre-Accession Assistance (IPA) has represented the European Union’s (EU) key financial tool designed to support countries in the process of acceding to the EU. For Serbia, this assistance has been critical in its preparedness to join the EU, particularly in institutional reform, governance and socio-economic development. With Serbia’s EU membership negotiations underway, the IPA framework has evolved. This chapter looks at the challenges Serbia faces in utilizing IPA effectively, and the ways in which EU assistance is helping the country meet its long-term goals.